The global economy is facing a threat of a spiraling protectionist measures that can lead to a devastating crisis, Vladimir Putin warned. Nations must find a way to prevent this and establish rules on how the economy should work.
The Russian president spoke out against the growing trend of using unilateral restrictions to achieve economic advantage, as he addressed guests of the St. Petersburg International Economic Forum (SPIEF) on Friday.
I am not so sure about the "world has not seen yet" part. I mean world has seen a lot of economical crisis, as a globe we are more connected to each other than we ever were so that is a part of the problem but this world has gone through world wars for Christ sake, we are talking about whole nations killing each other and destroying their homes and neighborhoods in order to conquer each other, if the world could recoup from a world war like second world war than I am sure we can fix everything else.
2008 was a bad year where everything collapsed, whole USA which is one of the biggest economical forces in the world if not the biggest had a horrible year and many people bankrupted and that affected whole nations like Spain and Greece and right now we are much better than we were in 2007 before crisis happened. This tells me we can have a crisis but I doubt it will be something we have not seen before.